LinkedIn provided a course at how to win the retention game? finding the perfect employee for the job is a very hard task, despite some saying everyone is replaceable, read here why and how to win back your loyal employees and how to retain others.
2. The real cost of losing employees
Modern companies devote a ton of time and resources to finding great people.
But how much do they invest in retaining the employees they’ve already hired?
Chances are, not enough.
New data indicates that the cost of losing employees is even more staggering
While this statistic may be alarming, in this guide we’ll cover the concrete steps
you can take to help keep your employees around for the long haul.
cost to replace an
BY THE NUMBERS
length of time it takes for
an employee to become
03 The main reason people quit their jobs
04 Four steps to reduce turnover
05 Step 1: Make time for training and onboarding
06 Step 2: Open the lines of communication
07 Step 3: Offer flexible working environments
08 Step 4: Get involved in the community
BONUS SECTION: Tools to get ahead of attrition
1 “Why Do Employees Quit Their Managers?” Inc.com, July 12, 2017
2 “Allied HR IQ Announces Onboarding and Retention Results of 2013 Workforce Mobility Survey.” Prweb.com, October 23, 2013
3 “State of the American Workplace.” Gallup, 2017
4 “Seven Things to Know About Employee Retention Risks.” Towerswatson.com, June 19, 2015
TABLE OF CONTENTS
of all organizations
globally have difficulty
of US workers are
looking to leave their
3. The main reason people quit their jobs
The old saying of “People leave managers, not companies” continues to be more true
than ever. In fact, having a bad boss is the number one reason5
that people switch jobs.
It’s important to never forget the direct impact you have on employees. As a manager,
you must juggle shifting priorities. But if you don’t adequately train and encourage your
team, you may be restaffing their roles in the near future.
Take a look at the data below from a recent survey. Are you guilty of any of these
5 managerial miscues?
WORST TRAITS IN A BOSS5
Micromanaging Being overly critical Disorganization Being a
39% 22% 16% 14% 9%
5 “The HR Challenge of 2018 Is Finding and Keeping Talents.” Ir.randstand.com, May 14, 2018
Make time for training
Open the lines of
Offer flexible working
Get involved in the
Luckily, there are simple ways to keep employees
motivated and engaged. Watching out for your own
bad habits like those we covered on the previous page
is something to always keep in mind. Next, we’ll walk
through four other areas to focus on.
4 steps you can take
to reduce turnover
5. Make time for training
It’s hard to overestimate the impact of training and onboarding new employees.
So even if your new hires seems like self-starting superstars, think of this step
as an investment in your resources.
Research shows employees stick around longer at companies with structured
onboarding and training programs.
LOOKING FOR MORE ONBOARDING RESOURCES?
Check out our recent ebook: The Complete Guide to Onboarding New Hires.
REDUCING TURNOVER STEP 1:
6 Learning.Linkedin.com, September 2018
7 “Do You Care About Onboarding? You Should!” Bamboohr.com, April 23, 2014
more productivity for
companies that embrace
higher profit margins7
more likely to keep hires
for 3+ years7
more likely to keep hires
for 1 year7
COMPANIES WITH STRUCTURED TRAINING:
☐ Create a career development plan for each employee. After assessing their
strengths and weaknesses, identify projects to hone the skills they want
to develop. Next, pinpoint training sessions to support their goals, like classes,
conferences, or even video tutorials from LinkedIn Learning.
☐ Use the buddy system. Help them find and identify an outside mentor and assign
an onboarding buddy to make sure that the employee feels supported on day-to-
day tasks as well as longer-term growth goals.
6. Open the lines of communication
Great managers don’t just have critical conversations about feedback once a year during
performance reviews. They develop a regular check-in cadence to talk with employees about
recent wins, progress they’re making, or ways they can add more value to their organization.
Another point to consider is, are you giving your employees the chance to provide feedback
to you? Too often, managers think of feedback as a one-sided conversation. Allowing your
employees to give you feedback helps them know that their voice is valued and, consequently,
inspires them to stay with your organization.
REDUCING TURNOVER STEP 2:
068 “11 Eye-Opening Statistics on the Importance of Employee Feedback.” Blog.hubspot.com, August 26, 2017
☐ Make your one-on-ones actionable. From recommending a book on a subject relevant to their job to
giving them advice on how to handle a situation, always end your one-on-ones with an action item.
☐ Recognize your employees’ unique strengths. We all have unique talents. Adjusting roles to
accommodate the unique strengths of team members can help reduce turnover.
☐ Learn what their resentment is. We all have certain things outside of work that help ground us.
For some people, that might mean getting home in time for dinner with their family. For others,
it might be a weekly soccer game. Being accommodating of your employees’ outside commitments
will help them feel more valued at work.
of employees want reviews
at least once a month8
of employers still use an annual or
biannual performance review system8
7. Offer flexible
Everyone works differently. Without the burden of commuting or
distractions at the office, many people can get more done if they work
from home, or during off-hours.
By offering flexible work options, you’re showing your team that you not
only care about their productivity, but you also care about their well-being.
It’s an easy way to keep employees engaged, and can also be a selling
point to attract new talent.
REDUCING TURNOVER STEP 3:
9 “No, Seriously: The Case for Flexible Work Arrangements.” Themuse.com
10 “Excluding a Raise, Flexible Work Environment and Better Benefits Top the Reasons Employed Americans Would Accept a New Job Offer.” Globalnewswire.com, April 11, 21018
of employees said
informal job flexibility
motivated them to
of managers reported an
increase in productivity
after moving to flexible
HOW FLEXIBILITY IMPROVES RETENTION:
☐ Take flexibility for a test drive. Before offering workplace
flexibility to your whole team, pilot the idea with a few
employees who have expressed interest.
☐ Talk to the higher-ups. If you see success metrics in your
pilot program, loop in management about the idea of
expanding workplace flexibility to the rest of your team.
☐ Set some ground rules. For example, if an employee
decides to work from home on Wednesdays, suggest that
they send an outline Wednesday morning of all the key
deliverables they’re working on. This will make it easier
for everyone to be better informed.
of adults said they’d
switch jobs for a flexible
of managers linked
business growth directly
to the move to flexible
8. Get involved
in the community
People are happiest at work when they feel they are offering something of
value beyond their day-to-day responsibilities. That’s why making volunteer
and other charitable programs a key part of your team culture leads to higher
retention rates – along with happier, healthier employees.
Engaging employees through volunteering programs and other meaningful
work will not only help improve retention, it will also help build a culture that
people are proud to be part of. Here are a few steps you can take to make
these programs succeed at your company.
REDUCING TURNOVER STEP 4:
11 “Making This One Thing Part of Your Company Culture Will Boost Employee Engagement and Retention.” Business.LinkedIn.com, July 30, 2018
12 “Volunteering Helps with Retention: Report.” Payroll-reporter.com, June 6, 2018
13 “100 Best Companies to Work For.” Fortune.com, 2017
☐ Practice variety in giving. From annual fundraising events to volunteer activities,
having options to give back throughout the year will give employees more ways to
find meaning and causes that are important to them.
☐ Support your team’s passions. Asking them to submit causes they care about
can lead to them being more passionate and invested in the experience.
☐ Track and share your results. Knowing the impact of your team’s volunteering
and charitable programs extends the value, and can breed more giving across
of candidates would prefer to
work for a socially responsible
of Fortune’s 100 Best
Companies to Work For offer
volunteering as a perk12
less turnover when employees
feel connected to a company’s
VOLUNTEERING LEADS TO HIGHER RETENTION
How LinkedIn can help
you get in front of turnover
The right tools can help increase your chances of hiring someone ready to
stay for the long haul. Here are some tips on how you can use LinkedIn Talent
Solutions to find the right candidates, faster.
Have you ever wanted to hire someone just like Sarah from Sales or Devon from
Marketing? With LinkedIn Recruiter, just enter the name of your ideal candidates
to find people who share similar skill sets.
LinkedIn Recruiter spotlights candidates who are interested in your company
and likely to respond to outreach, making it easy to maximize your efforts and
start meaningful conversations.
LinkedIn Jobs helps match your open role to the most relevant candidates
that you can’t find anywhere else. You’ll get targeted advertising on the LinkedIn
homepage, on your Career Pages, and via email.
SEARCH BASED ON YOUR IDEAL CANDIDATE
FIND THE CANDIDATES MOST LIKELY TO ENGAGE
GET YOUR JOBS IN FRONT OF THE MOST RELEVANT TALENT
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Connect with us on LinkedIn
Now that you know how to help prevent employee turnover, there are
also other ways that LinkedIn can help with the entire process of finding,
attracting, and engaging dynamic employees.
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